This presentation contains and will contain forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events, TCE rates and Navios Partners' expected cash flow generation, future contracted revenues, future distributions and its ability to make distributions going forward, opportunities to reinvest cash accretively in a fleet renewal program or otherwise, potential capital gains, its ...

Investment Rating - The report maintains a cautious outlook on container shipping, downgrading the sector due to structural headwinds and demand uncertainty beyond August [9][10]. Core Insights - The report highlights that US tariffs have limited direct impact on the bulk and tanker markets, while the Baltic Dry Index (BDI) increased by 2% week-on-week, driven by higher Panamax earnings [9][10]. - The report suggests a buy rating for Maersk, a hold for SITC, and a reduction for several other companies in the container shipping sector, indicating a selective investment approach [9][10]. Summary by Sections US Tariff Updates - The Trump administration delayed the 10% baseline tariff and set various tariffs for key trading partners, with significant implications for trade dynamics [2]. - Tariffs on copper and other commodities are set to take effect, which may influence demand in the bulk market [4][53]. Container Shipping Trends - The Shanghai Containerized Freight Index (SCFI) dropped 1.7% week-on-week, marking the fifth consecutive week of decline, although rates to the US showed some recovery [33][34]. - The report notes that while front-loading may temporarily boost cargo flows, significant demand uncertainty looms due to potential tariff impacts [3][9]. Baltic Dry Index and Dry Bulk Market - The BDI rose 2% week-on-week, with Panamax rates increasing by 14% due to strong demand in the Atlantic basin, while Capesize rates fell by 12% due to weak iron ore demand [52][58]. - The report anticipates a 3% growth in the dry bulk fleet but expects flattish demand, leading to a softening of freight rates in the coming years [58]. Freight Rates and Market Dynamics - Container shipping freight rates have shown variability, with the SCFI composite index reflecting a significant year-on-year decline of 43.3% [50]. - The report indicates that bunker prices and time charter rates are also trending, with specific rates for different vessel types being monitored closely [50][57].